Mortgage provider went bust
HeadZuki
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In 2013 GMAC went bust. My wife had a mortgage with them. Is there any chance of reclaiming anything at all? Really. Thanks
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Nobody "reclaims" anything
“I think that the Government are right to apply to join the European Economic Community...” -Winston Churchill 1961
“The future of Europe if Britain were to be excluded is black indeed.”[FONT="][FONT="][FONT="] - Winston Churchill 1963
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I got a hamper from black horse with a loan once.
Anyway that's another story.
:A I'm just wondering if there was anything added to her re mortgage she wasn't aware of. GMAC were the only option at the time. We had little choice then and she was vulnerable.
We've agreed to look into the financial dustbin to see if there's anything to salvage.
The broker was John Charcoal iirc. Maybe there were unfair charges, excessive commissions or inappropriate insurance? It all felt a little confusing.
So unlike her other two extant providers (mortgage now paid off) can we make enquiries after GMAC please?
Thanks again
It all sounds a bit random at the moment.
Dear John Charcol. I wish to complain that although no other provider would supply my wife with a mortgage, you found soemone who would. On the basis that No Good Deed Goes Unpunished, please send bags of compensation immediately.
That appears to be the gist of your complaint?
If she didn't know, how would we?
Nothing was added to mortgages without your knowledge, you signed up to take whatever insurance etc you wanted or you had to buy insurance to get free advice - both fine
She chose to take out the mortgage, she was not vulnerable.
A broker then, pre-2005 sale? If so, complaint is over, they were not regulated.
Unfair charges - nope, if you didn't like the charges walk away
Excessive commissions - unlikely, sales commission for brokers is fine and rarely, if ever, enough to qualify under Plevin
Inappropriate insurance - you don't even know what she had, if anything. Life insurance, building insurance, contents insurance, even MIG are all possible but difficult to argue they were not needed, indeed, some might have been mandatory
You can complain about anything you like, whether they have to consider it or if you have a valid complaint is a different matter.
“I think that the Government are right to apply to join the European Economic Community...” -Winston Churchill 1961
“The future of Europe if Britain were to be excluded is black indeed.”[FONT="][FONT="][FONT="] - Winston Churchill 1963
[/FONT][/FONT][/FONT]
If there was, then it would not have been added by GMAC.
Her details are not in the public domain. So, people on the internet are not going to be able to answer that.
And that is who you ask.
None of those applies to this scenario.
Best wishes !